For Every Bullet, a Story.

“It can be hard to dredge up a private agony for a public purpose — that, I suppose, is why I didn’t talk about my own history for so long, and why many other people are so reluctant. But gun violence touches people all over this country: from Boston to Akron to Seattle to Manchester, Illinois. And it’s the stories of the people whose lives are changed that can help to permanently change the debate, and thus make our country safer.”

In a powerful and revealing essay for The New Yorker, college friend and former Mayors Against Illegal Guns manager Arkadi Gerney reveals his own personal gun story. “Every day, an average of thirty-three Americans are murdered with guns. Another fifty or so die in gun suicides and accidents. And another two hundred or so are shot and injured. That’s a lot of stories.”

Too Big to Countenance.

“Today, the nation’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — are nearly $2 trillion larger than they were before the crisis, with a greater market share than ever. And the federal help continues — not as direct bailouts, but in the form of an implicit government guarantee. The market knows that the government won’t allow these institutions to fail. It’s the ultimate insurance policy — one with no coverage limits or premiums.”

Joining ranks across the partisan divide, Senators Sherrod Brown and David Vitter introduce legislation aimed at ending Too Big To Fail: “The senators want the major banks to increase their own tangible equity so that shareholders, and not just taxpayers, take responsibility for their risky actions. They want the banks to have greater liquidity by holding more assets they can immediately turn into cash in a financial crisis. They say they want to keep Wall Street banks that enjoy government backing from gaming the financial system with credit derivatives and other risk-inflated schemes, which even JP Morgan Chase’s own employees failed to catch until too late.”

Naturally, the banks will be fighting this with everything they have, and Goliath usually wins these fights in Washington. They’re already leaning on one of their favorite Senators, Chuck Schumer, to block Brown from ascending to Chair of the Senate Banking Committee. Nonetheless, the progressive-conservative alliance here suggests, at the very least, a new wrinkle in the game.

In related news, companies are also wheeling out the Big Guns to threaten the Securities and Exchange Commission over potential new corporate disclosure rules for political spending — namely, making businesses disclose their campaign donations to their shareholders. Seems innocuous enough, but of course, “[t]he trade associations lining up in opposition to the rule amount to a roll call of the most politically influential — and highly regulated — industries in the country.”

Adjuncting Gets Even Worse.

“Allison G. Armentrout, an adjunct instructor at Stark State College, doesn’t get paid by the hour. She earns $4,600 to teach two English composition courses…On a recent week, she spent three hours preparing for her lectures, close to six hours in the classroom, and 16 more grading assignments for a grand total of about 25 hours. So she can breathe a sigh of relief because she won’t lose her job: She came in under the college’s new 29-hour-a-week wire designed to keep her ineligible for health-care coverage under the Patient Protection and Affordable Care Act.”

Leave this academic factory, you’ll find me in the matinee: Compounding life in the Nine Circles of Adjunct Hell, more and more college and universities are trying to game the system so they don’t have to pay for adjuncts’ health care coverage. Because if you’re going to exploit your desperate, over-educated workforce like it’s a Gilded Age factory floor, why not go all the way?

“What is happening — and I’m finding this even with just two classes—because of the grading load, I’ve been put in a position twice this semester where I’ve just had to lie about the number of hours I actually worked. I don’t want to have to make a choice between having a job or not.”

Yes, We Tortured.

“‘[I]t is indisputable that the United States engaged in the practice of torture’ and that the nation’s highest officials bore ultimate responsibility for it…The use of torture, the report concludes, has ‘no justification’ and ‘damaged the standing of our nation, reduced our capacity to convey moral censure when necessary and potentially increased the danger to U.S. military personnel taken captive.’ The task force found ‘no firm or persuasive evidence’ that these interrogation methods produced valuable information that could not have been obtained by other means.”

A “nonpartisan, independent review of interrogation and detention programs in the years after the Sept. 11, 2001, terrorist attacks,” headed by two former Members of Congress (Republican Asa Hutchinson and Democrat James Jones) offers an in-depth investigative report on our national post-9/11 torture regime.

“The sweeping, 577-page report says that while brutality has occurred in every American war, there never before had been ‘the kind of considered and detailed discussions that occurred after 9/11 directly involving a president and his top advisers on the wisdom, propriety and legality of inflicting pain and torment on some detainees in our custody.'”

Of course, we have known all this for awhile now. And yet, just as with the folks who brought us the financial crisis, there has been zero accountability coming from Obama’s Justice Department or anywhere else. Instead, our powers-that-be have been too busy trying to round up purported public enemies like Bradley Manning and Aaron Swartz.

And yet, as this report unequivocally lays out, the evidence of an American torture regime, planned and carried out after 9/11 at the highest levels of government, is indisputable. For the rule of law’s sake as much as for the values we purportedly stand for, we still need a reckoning.

For Want of a Spreadsheet Check…

“This error is needed to get the results they published, and it would go a long way to explaining why it has been impossible for others to replicate these results. If this error turns out to be an actual mistake Reinhart-Rogoff made, well, all I can hope is that future historians note that one of the core empirical points providing the intellectual foundation for the global move to austerity in the early 2010s was based on someone accidentally not updating a row formula in Excel.”

As Mike Konczal of Rortybomb explains, the Reinhart-Rogoff paper “Growth in a Time of Debt,” which argued that high debt-to-GDP ratios stymie growth and has been one of the key economic foundations for recent deficit hysteria, turns out to be fundamentally flawed.

“This has been one of the most cited stats in the public debate during the Great Recession,” embraced by both Paul Ryan and the Washington Post. And it’s totally upside down. As Konczal says, “[t]he past guides us…it tells us that a larger deficit right now would help us greatly.”

Update: Dean Baker weighs in. “If facts mattered in economic policy debates, this should be the cause for a major reassessment of the deficit reduction policies being pursued in the United States and elsewhere. It should also cause reporters to be a bit slower to accept such sweeping claims at face value.”

Keep Running Strong.

“The Marathon was the old, drunk uncle of Boston sports, the last of the true festival events. Every other one of our major sporting rodeos is locked down, and tightened up, and Fail-Safed until the Super Bowl now is little more than NORAD with bad rock music and offensive tackles. You can’t do that to the Marathon. There was no way to do it…Now there will be. Someone will find a way to do it. And I do not know what the race will be now. I literally haven’t the vaguest clue.”

Charlie Pierce reports in from the aftermath of the Boston Marathon bombings, which to-date have killed three and injured over 140. “Horror has no shelf life anymore. Everybody knows already. Everybody’s a newsman. Everybody’s in showbiz.”

Obviously, yesterday was horrible. Let’s mourn our dead and help our wounded. Let’s honor our first responders and civilian heroes like Carlos Arredondo, the “man in the cowboy hat.” Let’s figure out exactly what happened here and bring the perpetrators to justice. And then, let’s hold our heads high and work to live our lives without fear.

In other words, Keep Calm and Bost On. As I said this past 9/11, we can’t afford to collectively lose our minds again after these sorts of attacks. That’s exactly what purveyors of terrorism want us to do — That’s the entire point. You can see it in Iraq, where 55 died yesterday from car bombs. You can see it in all the ways we fell astray from our fundamental American values after the last attack on our home soil (notwithstanding mass shootings like Tuscon, Aurora, and Newtown.)

When we were tested in this regard after 9/11, we failed in far too many ways. Let’s all try to do better this time. We must love one another or die.

Update: What Martin Richard said.

Don’t Blame Me, I Voted for Kodos. | Deficits Now!

“Barack Obama proposes a painful hit to middle-class and working-class seniors, in return for an increase on taxes on the rich so small that they will hardly notice. Bargain? Yes. Grand? Not so much. By legitimating changes that could lead over time to the conversion of Social Security into a means-tested program for the elderly poor only, Barack Obama has proven himself to be a true and worthy successor of his predecessor, George W. Bush.”

As Obama — to no one’s surprise who was watching the last two years closely — definitively reveals he wants to go all Nixon-in-China on Social Security, Michael Lind notes the many similarities between Bush and Obama on social insurance. “Both Bush and Obama crafted their Social Security plans solely with an eye to the approval of the bipartisan economic elite, most of whom prefer cutting Social Security benefits, which they don’t need, to raising taxes on members of their class.”

One key difference: When Dubya tried to slash Social Security benefits in 2005, Democrats stood up as one against him. Now that an ostensible Dem is in the White House and wants to enact social insurance benefit cuts for ridiculous reasons, not so much. But this time, we can’t countenance the usual Third Way spinelessness. As PCCC’s Stephanie Taylor said: “‘You can’t call yourself a Democrat and support Social Security benefit cuts…The President has no mandate to cut these benefits, and progressives will do everything possible to stop him.'”

***

“People really don’t like deficits…But hold on a second. Why do we hate deficits? ‘Balancing the budget’ sounds really nice, but what reason do we have to believe it’s actually valuable?” In the WP and in very related news, Dylan Matthews punctures the various talking points driving deficit hysteria:

We’re broke! America is going to be bankrupt! We’re really not. The U.S. Treasury never has to default on any of its debts. That’s because we control our own currency. If we owe debts and don’t have the tax revenue to pay them, we can always just print the money and hand it over. That may not be the best approach, and in the very worst-case scenario this leads to hyperinflation so bad that defaulting is the less-bad option. But we’re so far from that situation today that worrying about it doesn’t seem worthwhile.”

***

Update: “The president’s major purpose is not to address mass unemployment, not to build a new foundation for the economy, not to revive the middle class or redress Gilded Age inequality. The president’s overriding priority is to cut a deal – and a deal that continues to impose austerity on an already faltering recovery.”

As Obama’s budget is officially released — $2 of spending cuts for every dollar in revenue is NOT a good thing. See also: Austerity in EuropeRobert Borosage reads the administration the riot act. See also Bob Kuttner: “You can understand Republicans wanting to crush government and hoping to slow the recovery in a way that harms the Democrat in the 2014 midterm elections. But what is the president thinking?…Now voters can conclude that they can’t trust either party.”

Oh yeah, and all that happy talk about addressing climate change and raising the minimum wage in the State of the Union? You won’t see it in this budget. Meanwhile, the GOP are loading up the cannons.

Twilight of the Drug War?

“Change is ‘snowballing in the right direction,’ said Tom Angell, chairman of Marijuana Majority. ‘I think you’re going to see a lot of action on the state level in the next several years and action will trickle up to the federal level…For a long time people would agree with us behind closed doors, but they would be afraid to say that in public,’ he said. Now, even in Washington, things are changing. ‘There was just a lot of cynicism and pessimism … I think that attitude is really going away.’

More fruits from Californication: With public support for legalizing marijuana over 50% for the first time, and a new documentary, The House I Live In, once again calling attention to the many cruel absurdities of the Drug War$1 trillion spent, 2.2 million in prison — signs suggest the ill-advised War on Drugs may finally be receding as a sacrosanct institution in Washington.

“For decades, the politics of the drug war were straightforward: Being tough could help at the polls and came with no political downside; being open to reform had few advantages, but would be used against a candidate on the campaign trail. That calculation is no longer so simple.”

The Dismal, Ignoble Science.

“The obvious medicine for a slump due to inadequate private-sector demand is to run government deficits large enough to restore the economy back to its potential. The private sector isn’t going to increase demand on its own, no matter how much we profess our love for job creators. That is the simple reality. But instead of preaching what the textbooks prescribe, much of the economics profession has become enamored of numerology, telling us that all hell will break loose if the debt-to-GDP ratio crosses some magical number.”

CEPR’s Dean Baker, one of the only economists to anticipate the collapse of the housing bubble, calls out his many colleagues currently collaborating in the deficit witchhunt. [Y]oung people today can expect many more years of dire labor market conditions, because the remedies that could turn around their job situations have been blocked by nonsense spewing from economists. Incidentally, this situation works out very nicely for those on top, who are enjoying the benefits of record-high profit shares, which have also helped to fuel a soaring stock market.”

Along very similar lines, here’s James K. Galbraith on the state of economics in 2002:

“Leading active members of today’s economics profession, the generation presently in their 40s and 50s, have joined together into a kind of politburo for correct economic thinking. As a general rule — as one might expect from a gentleman’s club — this has placed them on the wrong side of every important policy issue, and not just recently but for decades. They predict disaster where none occurs. They deny the possibility of events that then happen. They offer a “rape is like the weather” fatalism about an “inevitable” problem (pay inequality) that then starts to recede. They oppose the most basic, decent, and sensible reforms, while offering placebos instead. They are always surprised when something untoward (like a recession) actually occurs.

And when finally they sense that some position cannot be sustained, they do not re-examine their ideas. Instead, they simply change the subject. No one loses face, in this club, for having been wrong. No one is disinvited from presenting papers at later annual meetings. And still less is anyone from the outside invited in. Only the occasional top-insider-turned-dissident — this year the admirable Stiglitz — can reliably count on getting a hearing.

Score one for Paul.

“Barack Obama of 2007 would be right down here with me. Kentucky Senator Rand Paul delivers an old-school, 13-hour filibuster against Obama’s drone policies, and — with the exception of Ron Wyden — the Senate Democrats go almost completely AWOL. “Senate Majority Whip Dick Durbin (D-Ill.) also took to the floor twice, but mostly to defend the U.S. government’s authority to target American citizens in ‘extraordinary circumstances.'”

Wrong answer. The policy FAIL here is obvious and egregious — Why would anyone of a lefty bent support giving a president unitary and unchecked authority to kill anyone he or she wants, without even a semblance of due process? Would they be this sanguine about it if Dick Cheney was holding the kill button? But even notwithstanding that, Democrats are making a terrible political mistake by letting Senator Paul, along with opportunistic slimebags like Mitch MConnell and far-right asshats like budding McCarthyite Ted Cruz, get to the left of them on this issue.

I get that some senators had procedural issues with the filibuster of a Cabinet nominee. But, at a certain point, this just looks like typical Dem spinelessness and situational ethics — Is preserving proper Senate procedure really more important than preserving constitutional due process? And if Rand Paul is the only person who’s going to stand up and call shenanigans on the administration for this chilling executive overreach, then thank you, Rand Paul.